Grexit could open door for Russia, China: Marc Faber

The debt problems in Greece have been postponed, not solved, with Friday's deal to extend by four months rescue loans to Athens in exchange for fiscal reforms there, closely followed contrarian Marc Faber told CNBC on Monday.

"The [Greek] economy is not strong enough to support" the debt load, Faber said in a CNBC "Squawk Box" interview.

Read MoreGermany got much more than Greece: El-Erian

The publisher of the Gloom, Boom & Doom Report said the real concern of a possible Greek exit from the euro single currency could be "a closer relationship with between Greece and Russia, or Greece and China."

"That's [what] Western allies want to prevent at all costs," he added.

Greece plans to present its reform plans Monday to seal its euro zone financial lifeline, but the government drew criticism from a veteran leftist and ruling party member who said the deal let voters down.

Read More'It's treason!' Greek anger at government u-turn

Faber says US stock valuations high

As for the U.S. stock market, Faber said valuations are high. "But it doesn't mean the market will collapse right away. But it's not particularly good value compared to say emerging economies."

For years, Faber has been predicting for the collapse of U.S. stocks, which keep powering to new highs.

The Dow Jones Industrial Average on Friday joined the S&P 500 in record territory. The Nasdaq Composite stood at 15-year highs, with the 5,000 level in its sight for the first time since March 2000, when it peaked at 5,135.52. But the dot-com bubble burst shortly thereafter and ushered in a punishing slide.

Citing 2015 as a year that corporate profits may decline, Faber said: "Recently the economic news given all the [Federal Reserve] stimulus that has happened over the last five years have been rather disappointing."

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—Reuters contributed to this report.